London · Delayed Price · Currency is GBP · Price in GBX Persimmon Earnings Call Transcripts
Fiscal Year 2025
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Double-digit growth in 2025 with higher completions, revenue, and profit, supported by disciplined investment and brand expansion. Outlook for 2026 is positive, with further volume and profit growth expected, though margin progression will be gradual due to embedded inflation.
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Delivered strong year-end results with 12% growth in completions, robust profit and margin expansion, and a positive outlook for 2026 driven by outlet and land pipeline growth. Headwinds include new taxes, planning delays, and ongoing fire safety remediation, but the business remains well-positioned.
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Forward sales rose 15% year-over-year, with robust pricing and disciplined incentives. Guidance for year-end completions and 2026 targets reaffirmed, while new product launches and land investments support growth. Institutional demand softened amid budget uncertainty.
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Delivered strong first-half growth in revenue, profits, and completions, with robust margins and a growing land bank. Outlook remains positive for 2025 and 2026, driven by self-help measures, innovation, and brand strength, despite ongoing affordability and regulatory challenges.
Fiscal Year 2024
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Underlying PBT rose 10% to £395m, completions grew 7%, and operating margin reached 14.1%. Strong land bank, record build quality, and innovation support further growth, with 2025 guidance for higher volumes and margins.
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Completions rose over 7% and sales rates increased 21% in 2024, with ASP up 5% and strong cash generation. The business outperformed a declining industry, expanded outlets, and enters 2025 with a robust order book, controlled costs, and a positive outlook.
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Forward order book is up 17% year-over-year, with private ASP rising 10% year-to-date. Margin guidance for 2024 remains unchanged, but margin recovery in 2025 will be tempered by historic cost inflation and regulatory headwinds. Land acquisition and operational improvements position the business for future growth.
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Delivered strong H1 results with 5% growth in completions, improved margins expected in H2, and a robust land bank supporting future growth. Forward order book and private sales are up, with continued investment in land and operational efficiency.